West Coast developer and builder SRM Development announced that it is expanding its development and construction services to include affordable housing.
Headquartered in Spokane, Washington, the firm has hired Conor Hansen to lead the new division that will focus on projects in the West.
The company plans to initially focus on low-income housing tax credit and bond deals for new construction housing. SRM will also be pursuing creative housing solutions for the “missing middle” housing problem, which is housing for families and individuals earning between 60% and 120% of the area median income.
“SRM has a great track record in multifamily, senior housing, and commercial development and construction. We are excited to expand our efforts to develop affordable housing for lower- and moderate-income households,” said Jim Rivard, managing principal—real estate, in a statement. “Conor’s experience, entrepreneurial mindset, and tenacity make him a great fit to lead SRM’s efforts in this area.”
Hansen has been an affordable housing developer since 2008. He joins SRM with experience of acquiring, renovating, entitling, and/or constructing more than 1,500 affordable housing units. He was also instrumental in creating the Urban Brownfields program with the Washington State Department of Ecology that allows affordable housing developers access to funding and liability protection for projects that have contaminated land.
“It is an amazing opportunity to join forces with a group like SRM to help address the nation’s affordable housing crisis. SRM is uniquely positioned as a vertically integrated real estate development and construction company with deep expertise in urban infill housing,” said Hansen, managing director of affordable housing. “Cost control is one of the biggest issues when it comes to bringing these projects to fruition, and it’s exciting to think about the types of results we can produce.”